Barratt Developments said it expected to end its financial year with a 12% rise in pre-tax profits as the housebuilder recorded its highest level of completions in nine years.

In a trading update issued today for the year to 30th June 2017 the firm said it expects to report profit before tax of around £765 million, compared to the previous year’s £682m, and also ahead of market expectations.

The housebuilder, also narrowly increased its unit volume output in the past financial year to 17,395 units including joint ventures, compared with 17,319 units the year before. This was the highest level of completions in nine years.

The trading statement also revealed expectations to deliver the financial targets set in 2014 of 20% gross profit margin and 25% return on capital employed. Year-end net cash stood at £720m (30th June 2016: £592m), ahead of guidance, driven by strong performance and the timing of land and working capital payments.

Chief executive David Thomas said: “It has been another very strong year for the group both operationally and financially. We have delivered our highest number of completions for nine years, more than any other housebuilder, and continue to see a positive mortgage environment and strong consumer demand.

“In March we were recognised as a five star builder by the Home Builders Federation for the eighth year in a row and we are determined to lead the industry in quality and service as we drive operational improvements through the business.”